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The Biggest Economic Challenge of Obama's Second Term

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They need stronger unions to bargain for a larger share of the gains from economic growth. And a Social Security payroll tax that exempts the first $25,000 of income and eliminates the ceiling (now $110,100) on income subject to it.

And they need an industrial policy designed to create high-wage jobs in America.

In accepting his party's nomination for president, Obama said the "basic bargain" that once rewarded hard work and gave everyone a fair shot had come undone.

He's right. And the U.S. economy won't return to normal until that basic bargain is remade.

If Obama gets a second term, recreating that bargain -- and getting enough votes from Congress to do so -- will be his central challenge, and America's.

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http://robertreich.org/

Robert Reich, former U.S. Secretary of Labor and Professor of Public Policy at the University of California at Berkeley, has a new film, "Inequality for All," to be released September 27. He blogs at www.robertreich.org.

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Robert:The solution to today's problems will not b... by Peter Wedlund on Tuesday, Sep 11, 2012 at 8:14:08 AM